House Passes Tax Reform 2.0
Prior to adjourning session to return home to campaign for the November elections, the U.S. House of Representatives passed a package of bills commonly referred to as Tax Reform 2.0. The legislation includes a provision to make the tax rate for S-Corporations established in the initial tax reform bill permanent. The 20 percent deduction for qualified pass-through income is currently in place through the end of 2025. It also permits registered apprentices to utilize 529 college savings funds to help offset certain costs related to their education. It’s unlikely that this legislation will see much movement in the Senate before the end of the year.